WASHINGTON (7News) — It’s only October, but the holiday shopping season has already begun. A new Bankrate study shows half of all buyers have already started their holiday shopping.
Stores have been filled with Christmas items since early September as Black Friday type deals from a number of large retailers, like Target, Walmart, Amazon and Best Buy have been luring shoppers.
Bankrate’s study shows:
- 50% of shoppers have started already
- 39% plan to do most of their shopping online
- 33% say inflation will change the way they shop
The study also shows people are pulling back from buying physical items like electronics, furniture and home goods, in favor of experiences.
“We see people spending quite robustly on a number of things, especially experiences, that’s a big trend that we see travel, dining, concert tickets, sports events,” said Ted Rossman, Bankrate Senior Industry Analyst.
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With inflation still high, and credit card debt mounting, people are having to stretch to afford their purchases.
“There’s no doubt that inflation is stressing people, especially if you have a lower or middle income. All that excess savings we talked about during the pandemic, that’s pretty much gone at this point. Credit card debt is going up,” he said.
Rossman said nine in 10 people are actively looking for ways to save money.
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Half will buy fewer items, and others will look for deals.
Rossman expects retail sales will be up a little bit from last year, but not as much as inflation, which is currently running at around 3.7%.